Euro Officials Warning 'Systemic' Crisis Risks New Credit Crunch
Von xhai18, 08:37

 

(John O'Donnell) - The EU's top finance officials are urging ministers to reinforce banks' capital while warning that a "systemic" crisis bailey button ugg boots in sovereign debt is hurting banks and risks a new credit crunch, cheapest ugg boots according to EU documents. In a series of ugg boot sale bluntly worded reports prepared by officials for a meeting of finance ministers this week, they highlight a "risk of a vicious circle cheap ugg boots between sovereign debt, bank funding and negative growth" spurring a fresh freeze in buy uggs lending. "While tensions in sovereign debt markets have intensified metallic ugg boots and bank ugg boots for women funding risks have increased over the summer, contagion has spread across markets and countries and the crisis has ugg boots bailey button triplet become infant uggs systemic," officials write in the documents obtained by Reuters. The reports, which ugg boots uk sale raise concerns in unusually emphatic language and make pointed criticism of some countries for failing to help weak banks, highlight a sense of sundance II ugg boots alarm in European capitals about the financial crisis. They also show a growing sense of exacerbation kids boots at the failure of Spain, Germany and others to deal with flagging banks even after their weaknesses were exposed by recent stress tests. In the documents, the influential uggs bailey button Economic and Financial Committee, which prepares the agenda for discussion among ministers, urges action to bolster the balance sheets of weak banks, especially those with loans in stressed countries. They level harsh criticism at countries including Spain for not doing ugg on sale enough to reinforce its banks following dismal results in stress tests. At stake, they write, classic ugg boots is the threat of another credit crunch. One of ugg cardy boots sale the reports, dated Sept. 13, cautions that the "spill-over effects" could feed "a dangerous negative loop between the financial bailey ugg boots and the real sectors (of the economy), whereby funding problems and ... risk aversion ... may lead to ... deleveraging by banks, thereby generating a credit crunch, in some Member ugg uk sale States". Outlining a sovereign debt crisis which they cheap ugg say has "entered a new phase", officials highlight the difficulties experienced by European banks in borrowing. "Despite the considerable ugg nightfall boots strengthening of capital positions ... European banks have recently experienced market funding difficulties resulting ... ugg boots for cheap from stress on wholesale liquidity markets, high spreads in secondary markets, and, for some EU banks, growing difficulties classic short ugg in accessing funding from U.S. counterparties." To counter dwindling confidence in the region's banks, officials recommend to ministers that "a further reinforcement of bank resources is advisable". "This is important for banks that have failed the stress test, but also for those that have passed the test but with capital levels close to the relevant threshold," the report said. They criticise some countries for not taking such measures, which would include state-backed capital injections in flagging lenders, after kids bailey button ugg boots the recent stress tests. "Albeit having five institutions falling below the ... threshold in (stress tests) ... the Bank ugg classic boots of Spain announced that no Spanish bank needs to ugg sandals further increase its capital," tall ugg boots the report ultra tall ugg boots said.

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